Another Obama lie..? Geithner Admits Spending in Obama‘s Budget is ’Unsustainable’

[ScreamingEagle]

So who's the liar....Geithner or Obama...?

Treasury Secretary Timothy Geithner said the budget proposed by President Barack Obama could leave America with “unsustainable obligations over time.” That’s in contrast to Obama and White House officials who have argued the plan balances the budget without adding to the national debt.
...
Obama said Tuesday, “What my budget does is to put forward some tough choices, some significant spending cuts so that by the middle of this decade our annual spending will match our annual revenues. We will not be adding more to the national debt.”
...
During the Senate Budget Committee hearing, Sen. Jeff Sessions (R-Ala.) asked the Treasury secretary, “Under your budget, the interest increases each year. It was $187 billion in 2009. Under your proposal, it increases to $844 billion”

Geithner responded, “Senator, absolutely, it is an excessively high interest burden, it’s unsustainable.”

Sessions said, “Well it’s your plan. That’s the plan the president submitted.”

At that point, Geithner partially agreed with the ranking member.

“You’re absolutely right that with the president’s plan, even if Congress were to enact it, and even if Congress were to hold to it and reduce those deficits to three percent of GDP over the next five years, we would still be left with a very large interest burden and unsustainable obligations over time,” Geithner said.

Treasury Secretary Says Obama Budget Plan Could Lead to

 

[ScreamingEagle]

Guess liberals want to avoid this thread.....since the lie is so BLATANT....his own Treasury Secretary is even against him...

Obama is just as financially irresponsible in supporting the teacher union in Wisconsin as he is with the national budget.....he ignores the fact that the Governor of Wisconsin is attempting to bring his state back from the brink of bankruptcy...BO provides no leadership to bring both sides to the table to have an adult discussion about the financial realities...

Nationally we are also headed for bankruptcy.... but Obama just as irresponsibly continues to spend, spend, spend....completely ignoring the consequences of his actions...

...maybe BO really wants America to go bankrupt....the world socialist union dream...?

Workers of the World.....Unite...!

 

[Tech_Esq]

I "like" what Giethner says later in his testimony. Something to the effect that the administration, having put this forward wants to see if the House has the "courage" to make more cuts. In other words, he admits that the administration didn't have the "courage" so I guess the best they could do, lacking any semblance of leadership or courage themselves, they are casting about for someone who might have it.

In that case, they really shouldn't complain if it turns out the House does have the courage and can lead. In that case, the spineless wonders (what else should we expect from a back-bencher who repeatedly voted "present" in the Illinois senate) in the White House.

Another stunning lack of substance, leadership and moral fiber brought to us by BO.

 

[ScreamingEagle]

I "like" what Giethner says later in his testimony. Something to the effect that the administration, having put this forward wants to see if the House has the "courage" to make more cuts. In other words, he admits that the administration didn't have the "courage" so I guess the best they could do, lacking any semblance of leadership or courage themselves, they are casting about for someone who might have it.

In that case, they really shouldn't complain if it turns out the House does have the courage and can lead. In that case, the spineless wonders (what else should we expect from a back-bencher who repeatedly voted "present" in the Illinois senate) in the White House.

Another stunning lack of substance, leadership and moral fiber brought to us by BO.

Yes....BO is blatantly putting his political aspirations above the well-being of the country...

He wants the GOP to do the dirty work.....so he can blame them later...

 

[kaz]

I was listening to Geithner's testimony on my favorite hate radio shows. He was very direct in admitting that the budget is a sham Congress would be derelict in passing. If a Republican President had submitted a budget and said we're too big a cowards to do what we know has to be done so you do it so we can attack you for what we know needs to be done, the press would be running them through. As it is they are lined up behind the administration ready to attack the Republicans for either being responsible and starving grandma or being irresponsible and passing a sham budget. Life's a beach when you're a liberal, at least in the media.

 

[jgarden]

Between FYs 1950 and 2009 inclusive, 84% of our cumulative national debt (roughly $9.2 trillion out of $11 trillion of debt) has been created under Republican Presidents. Reagan / Bush I / Bush II between them are responsible for nearly 80% ($8.75 trillion)!

Republican Presidents have:
- more than doubled the debt (Bush II 127%)
- tripled the debt (Nixon/Ford 194%)
- quintupled the debt (Reagan/Bush I 479%).

..... On average, a Democratic President increases the debt $73.4 billion every year, while a Republican President increases the debt $255.7 billion, roughly 3.5 times as much.

http://accessnewsservice.blogspot.com/2010/05/fwd-since-1950-republican-presidents.html

Actions speak louder than words and despite the rhetoric coming from our "conservative friends," if you want a party that is responsible for acquiring 84% of the cumulative US national debt since 1950 - vote Republican!

 

[boedicca]

Well, DUH.

Trillion dollar deficits are not sustainable.

Any one with functioning cognitive abilities realizes this.

 

[kaz]

Actions speak louder than words and despite the rhetoric coming from our "conservative friends," if you want a party with a long history of dramatically increasing the national debt - vote for the Republicans!

This is why businesses use accrual accounting so that you reflect the true consequences of your decisions rather then cash flow, as you're doing. Democrats seldom make decisions they have to pay for, they make decisions their children have to pay for. Your stats are irrelevant. Though I agree Republicans are also irresponsible spenders even though your stats didn't show that, or anything else.